CBN
1000 CBN staff left voluntarily, says Cardoso
Central Bank Governor Olayemi Cardoso said the 1,000 staff who left the services of the bank in December were not forced to leave. Cardoso, who spoke through the Deputy Director Corporate Service, Bala Bello at the resumed investigative hearing on the disengagement of the 1000 workers by the apex bank and how the N50 billion […]
CBN sets N100,000 daily maximum cash-out limit for PoS operators
The Central Bank of Nigeria (CBN) has introduced a new policy to strengthen its drive towards a cashless economy, setting a daily maximum transaction cash-out limit of N100,000 per customer for agency banking operators, also known as Point of Sale (PoS) operators. This directive, outlined in a circular issued on Tuesday by the CBN’s Payments […]
Reps ask CBN to clamp down on illegal digital loan platforms
The House of Representatives has urged the Central Bank of Nigeria (CBN) to shut down illegal loan platforms used by criminals operating the “one chance” scheme. This resolution was passed on Wednesday following the adoption of a motion of urgent public importance moved by Billy Osawaru (APC, Edo) during plenary. In his motion, Mr Osawaru […]
Just In: CBN Issues Fresh Directive Against Naira Hawkers, Orders Banks to Focus on ATM Cash Payments
The Central Bank of Nigeria (CBN) has directed banks to make sure cash is mostly given out through Automated Teller Machines (ATMs). In a statement on Friday, Solaja Olayemi, the acting director of the currency operations department at the CBN, warned banks against giving naira notes to people selling the currency illegally. He added that […]
ICYMI: Nigeria’s FX reserves hit $40bn, highest in 33 months – Cardoso
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has announced that Nigeria’s foreign exchange reserves have reached over $40bn, marking their highest level in 33 months. He made the disclosure during a symposium in Abuja on Thursday, which coincided with the unveiling of the compendium, “Promoting Stability in an Era of Economic […]
FG Exceeds Budget Deficit By 85% As MPC Seeks Fiscal Support Against Inflation
As the Central Bank of Nigeria (CBN) continues to adopt a tightening stance to curb rising inflation in the country, monetary policy makers have stressed the need for more fiscal responsibility, noting that the federal government exceeding the deficit by more than 85 per cent has continued to weigh heavily on prices. The Monetary Policy […]
Foreign remittances surge to $600m
The Central Bank of Nigeria (CBN) facilitated the remittance of approximately $600 million through International Money Transfer Operators (IMTOs) in one year, the apex bank Governor, Olayemi Cardoso broke the news yesterday. He spoke at a ‘fireside’ event at the ongoing Nigeria Economic Summit (NES30), organized by the Nigeria Economic Summit Group (NESG). Policymakers, economists, […]
CBN to unveil revamped website soon – Cardoso
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has revealed that the bank is currently working to launch a comprehensive revamped version of its website to boost transparency and accountability. Cardoso said this at a special summit dinner event at the 30th Nigerian Economic Summit on Tuesday in Abuja. He said the newly […]
CBN sells $543.5m to stabilise FX market in September
The Central Bank of Nigeria (CBN) has revealed that it sold a total of $543.5 million (N844,920,000,000.00) to authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM) between September 6 and 30, 2024. This move was part of the apex bank’s efforts to reduce volatility in the foreign exchange market amid rising demand for […]
CBN introduces electronic foreign exchange matching to curb speculation
The Central Bank of Nigeria, CBN, has announced the introduction of the Electronic Foreign Exchange Matching System, EFEMS, for foreign exchange transactions in the Nigerian Foreign Exchange Market, NFEM. According to a statement by Omolara Duke, Director, Financial Markets Department, EFEMS will be implemented not later than December 1. Duke said that the new system […]